Deductions Denied to Medical Marijuana Dispensary

A nonprofit corporation that operated a medical-marijuana dispensary legally under California law was not allowed to claim deductions for business expenses on its federal return. Code Sec. 280E, which prevents any trade or business that consists of trafficking in controlled substances from deducting any business expenses, applied. Meaning of "Consists of" The corporation argued that [...]

By |2020-03-06T18:50:18+00:00January 15th, 2019|Financial, Governments, Tax|Comments Off on Deductions Denied to Medical Marijuana Dispensary

Modernize the IRS and Continue to Impact TCJA

IRS Commissioner Charles Rettig gave his first speech since being confirmed as the 49th chief of the Service at the American Institute of CPAs (AICPA) November 13 National Tax Conference in Washington, D.C. "You’re going to see things [I do] and go, ‘I can’t believe he did that,’" Rettig said. Rettig, nominated by President Donald [...]

By |2020-03-06T18:50:18+00:00December 20th, 2018|Governments, Tax|Comments Off on Modernize the IRS and Continue to Impact TCJA

GOP to Move Tax Bills During Lame-Duck Session

Congressional Republicans are looking to move forward with certain legislative tax efforts during Congress’s lame-duck session. The House’s top tax writer, who will hand the reins to Democrats next year, has reportedly outlined several tax measures that will be a priority when lawmakers return to Washington, D.C., during the week of November 12. However, President [...]

By |2018-12-04T16:22:14+00:00December 8th, 2018|Financial, Governments, Tax|Comments Off on GOP to Move Tax Bills During Lame-Duck Session

Regulations Issued on Partnership Representative Under Centralized Partnership Audit Regime

The IRS has issued final regulations regarding the designation and authority of the partnership representative under the centralized partnership audit regime. The final regulations make a number of changes to prior proposed regulations. Eligibility to Serve as Representative The final regulations clarify that: a disregarded entity can serve as a partnership representative; and a partnership [...]

By |2020-03-06T18:50:19+00:00October 4th, 2018|Audit, Governments|Comments Off on Regulations Issued on Partnership Representative Under Centralized Partnership Audit Regime

Tax Reform 2.0: Bills Propose New Tax Benefits and Provisions

On September 13, the House Ways and Means Committee approved the Republican Tax Reform 2.0 package. The measure, consisting of three separate bills, is expected to reach the House floor for a full chamber vote during the week of September 24. The Tax Reform 2.0 package includes the following bills: Protecting Family and Small Business [...]

By |2020-03-06T18:50:19+00:00September 18th, 2018|Governments, Tax|Comments Off on Tax Reform 2.0: Bills Propose New Tax Benefits and Provisions

Proposed Regs on Pass-Through Deduction Generate Mixed Reviews

The IRS’s proposed pass-through deduction regulations are generating mixed reactions on Capitol Hill. The 184-page proposed regulations, REG-107892-18, aim to clarify certain complexities of the new, yet temporary, Code Sec. 199A deduction of up to 20 percent of income for pass-through entities. The new deduction was enacted through 2025 under the Tax Cuts and Jobs [...]

By |2020-03-06T18:50:19+00:00September 5th, 2018|Governments, Tax|Comments Off on Proposed Regs on Pass-Through Deduction Generate Mixed Reviews

Kentucky Department of Revenue Collection of Sales Tax from E-Commerce Retailers and Impact on Other States

Issue The Kentucky Department of Revenue (DOR) issued a release on the state’s recently enacted sales tax nexus economic thresholds.  Consequently, this release follows the decision in South Dakota v. Wayfair, Inc., U.S. Supreme Court, Docket No. 17-494, June 21, 2018, The Wayfair decision held that physical presence in a state is not required to establish sales [...]

By |2020-03-06T18:50:20+00:00August 11th, 2018|Governments, Tax|Comments Off on Kentucky Department of Revenue Collection of Sales Tax from E-Commerce Retailers and Impact on Other States

President Trump, House GOP Lawmakers Discuss Tax Cuts 2.0

President Donald Trump and House GOP tax writers discussed "Tax Cuts 2.0" in a July 17 meeting at the White House. The next round of tax cuts will focus primarily on the individual side of the tax code, both Trump and House Ways and Means Chair Kevin Brady, R-Tex., reiterated to reporters at the White [...]

By |2020-03-06T18:50:20+00:00August 1st, 2018|Governments, Tax|Comments Off on President Trump, House GOP Lawmakers Discuss Tax Cuts 2.0

Ways and Means GOP, White House Crafting Tax Cut 2.0 Outline

House Republicans and the Trump Administration are working together to craft a tax cut "2.0"outline, the House’s top tax writer has said. House Ways and Means Committee Chairman Kevin Brady, R-Tex., told reporters during the week that House tax writers and the White House are currently working to finalize the "framework." Tax Cuts 2.0 Additionally, [...]

By |2019-01-08T14:06:58+00:00July 25th, 2018|Governments, Tax|Comments Off on Ways and Means GOP, White House Crafting Tax Cut 2.0 Outline

Wyden Report Critiques GOP’s Tax Reform

The Senate Finance Committee’s (SFC) leading Democrat has released a report critiquing Republicans’ 2017 overhaul of the tax code. The report, focusing primarily on international tax reform, was released by SFC ranking member Ron Wyden, D-Ore., on July 18. Criticism of GOP Tax Reform The Democratic SFC report, "Trump’s Tax Law and International Tax: More [...]

By |2019-01-08T14:07:05+00:00July 18th, 2018|Governments, Tax|Comments Off on Wyden Report Critiques GOP’s Tax Reform
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